608 W Madison St · Ottawa, IL 61350

$219,999

4 bd · 4.0 ba · — sqft · MultiFamily · 135 Days on market

Built 1920 Fair condition ↓ 6% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Great Investment Opportunity located in beautiful downtown Ottawa! This rental property includes 3 Units. One of them being a beautiful home. This home includes a loft master suite with an abundance of storage, jacuzzi tub, skylights, and a private upper deck located right off the master suite! The lower floor of the home is an open concept floor plan. This home has a paved lower deck, vinyl fencing, as well as a 2 car garage! Right next door you will find a two unit rental. Lower unit has two bedrooms and one bath. Upper unit has two bedrooms and one bath, with a bonus room! This is a great investment property located near beautiful Starved Rock Park and many other amenities. Start gen

Key facts

• Loft master suite
• Abundance of storage
• Paved lower deck

Tags

• LOFT MASTER SUITE
• ABUNDANCE OF STORAGE
• JACUZZI TUB
• PRIVATE UPPER DECK
• OPEN CONCEPT FLOOR PLAN
• PAVED LOWER DECK

Property features AI

Finance

• Other: Tenant responsibilities listed for units include electric and gas for some units; one unit lists tenants paying none
• Financial info: Special service area: No; Building contains 3 units; Some units are rented month-to-month (MTM) with listed rents and security deposits)

Exterior

• Parking: Detached garage; Garage owned with garage door opener; Total parking for 4 vehicles; 2 garage spaces
• Utilities: Public water; Public sewer; Electric and gas paid by tenants for some units
• Home design: Two- to four-unit property; Fee simple ownership; Over 100 years old; Not recently rebuilt or rehabbed
• Construction: Vinyl siding and other exterior materials; Asphalt and metal roofing
• Exterior features: Patio; Balcony; Partially fenced yard

Interior

• Kitchen: Stove/Cooktop; Refrigerator; Built-in oven (in one unit); Dishwasher not listed
• Bedrooms: 5 bedrooms total
• Bathrooms: 3 full bathrooms; 2 half bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning in units
• Interior features: 8 total rooms; Basement is partial/unfinished with a cellar
• Laundry & utility: Washer and dryer included in at least one unit

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $939 ($11k/yr) — positive. Per door: $469/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 3.1% in Ottawa — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#172 in IL, #3,175 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment C-, amenities D, commute F.
• Ottawa Twp Hsd 140 (town): math 25% / reading 30% proficiency, ranked #545 of 919 in IL (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ottawa Township High School (math 17% / reading 27%, grade F, #319 of 693 statewide, top 50%, 1,261 students, 0% FRL).
• Market conditions: 208 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 82 units permitted in LaSalle County in 2024 (0 in 5+ unit buildings).
• At $3,113/mo this rent would consume 48% of the median local household income ($78k/yr) (locally 628% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• LaSalle County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,599 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.42% ✓
• Cap rate: 11.41%
• Cash-on-cash: 18.29%
• DSCR: 1.81
• GRM: 5.9

CMA / ARV

No comps found within radius.

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
706 Illinois Ave	0.20mi	4/3.0	—	7mo	$270,000	—	68
718 W Jackson St	0.17mi	5/2.0 (+1)	—	2mo	$130,000	—	65
1102 Illinois Ave	0.37mi	4/2.0	—	8mo	$165,000	—	56
817 Columbus St	0.42mi	5/5.0 (+1)	—	9mo	$520,000	—	51
1116 Paul St	0.60mi	4/2.0	—	3mo	$145,000	—	49
655 Illinois Ave	0.22mi	3/1.5 (-1)	—	16mo	$50,000	—	49
1125 Paul St	0.59mi	3/2.0 (-1)	—	5mo	$152,500	—	43
1203 W Lafayette St	0.43mi	4/2.0	—	22mo	$300,000	—	41
1220-1222 W Lafayette St	0.48mi	4/2.0	—	24mo	$259,000	—	37
425 Marcy St	0.71mi	3/3.0 (-1)	—	19mo	$130,000	—	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.0%
• Equity multiple: 1.39×
• Total profit: $24,197
• Equity at exit: $32,803

10-year hold

• IRR: 19.1%
• Equity multiple: 2.60×
• Total profit: $98,263
• Equity at exit: $19,021

Cash invested: $61,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 43 Moderately Tenant-Leaning
• State Illinois: 43 Moderately Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Chicago RTLO is among the strongest tenant ordinances in the Midwest; downstate is more landlord-friendly.

Methodology + full state rankings →

ZIP-level market 61350

• Home prices YoY: -31.5%
• Active inventory: 208
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $3,113 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$654
• Net cashflow: $939

Break-even live

Break-even rent $1,925

Max offer price $219,999

Occupancy floor 65%

Sensitivity live

Price	-10% $1,091	-5% $1,015	+0% $939	+5% $863	+10% $787
Rent	-10% $693	-5% $816	+0% $939	+5% $1,062	+10% $1,185
Rate	-1.0pp $1,050	-0.5pp $995	base $939	+0.5pp $882	+1.0pp $824

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$3,112
Total (2 units)			$3,113

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 E Superior St Ottawa, IL	3.0	2.0	2200	$1,800	$0.82	25d	1	0.67mi
429 Congress St Apt 1 Ottawa, IL	4.0	2.0	—	$1,700	—	23d	1	0.71mi

Listing history 19 events

1. 2026-06-21
   days on market $219,999 Active 135 DOM
2. 2026-06-19
   days on market $219,999 Active 133 DOM
3. 2026-06-18
   days on market $219,999 Active 132 DOM
4. 2026-06-17
   days on market $219,999 Active 131 DOM
5. 2026-06-16
   days on market $219,999 Active 130 DOM
6. 2026-06-15
   days on market $219,999 Active 129 DOM
7. 2026-06-14
   days on market $219,999 Active 127 DOM
8. 2026-06-12
   days on market $219,999 Active 126 DOM
9. 2026-06-09
   days on market $219,999 Active 123 DOM
10. 2026-06-08
    days on market $219,999 Active 122 DOM
11. 2026-06-07
    days on market $219,999 Active 121 DOM
12. 2026-06-05
    days on market $219,999 Active 118 DOM
13. 2026-06-02
    pricedays on market $219,999 Active 116 DOM
14. 2026-06-01
    days on market $234,999 Active 115 DOM
15. 2026-05-31
    days on market $234,999 Active 114 DOM
16. 2026-05-30
    days on market $234,999 Active 113 DOM
17. 2026-05-14
    price $234,999
18. 2026-03-25
    price $244,999
19. 2026-02-05
    listed $250,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,356
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,988
• − Management: −$2,988
• − Depreciation: −$6,400
• Taxable income: $8,256
• Est. tax owed @ 24.0%: −$1,981
• After-tax cash flow: $9,286/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This property requires significant repairs to the roof, exterior siding, and driveway. Once repaired, it has the potential to increase its value for both resale and rental.

Repairs flagged

• Major roof — The independent image shows visible damage and potential leaks.
• Major exterior siding — The independent image shows siding with peeling paint and potential water damage.
• Major driveway — The independent image shows a concrete driveway with cracks.

Value-add opportunities

• Both repair roof — A repaired roof will improve the home's appearance and increase its value for both resale and rental.
• Both repair exterior siding — A repaired exterior will improve the home's curb appeal and increase its value for both resale and rental.
• Both repair driveway — A repaired driveway will improve the home's appearance and increase its value for both resale and rental.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The independent image shows visible damage and potential leaks.	Major	$15,000–50,000
exterior siding · The independent image shows siding with peeling paint and potential water damage.	Major	$15,000–50,000
driveway · The independent image shows a concrete driveway with cracks.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both repair roof — A repaired roof will improve the home's appearance and increase its value for both resale and rental. ↑
• Both repair exterior siding — A repaired exterior will improve the home's curb appeal and increase its value for both resale and rental. ↑
• Both repair driveway — A repaired driveway will improve the home's appearance and increase its value for both resale and rental. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ottawa Twp Hsd 140
• NCES district ID: 1730330
• Math proficiency: 25% ▼ -3.00%
• Reading proficiency: 30% ▼ -4.00%
• Median HH income: $47,828
• Composite: 26.85/100
• National rank: #12528
• State rank: #545 of 919 in IL

Livability — Ottawa

• Score: 77/100
• State rank: #172
• US rank: #3175

Category grades

Amenities D Commute F Cost of living A+ Crime B+ Employment C- Housing A Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ottawa, IL
• County: La Salle County · 41,676 people
• City population: 23,713
• Metro: Ottawa, IL
• Population (ZIP): 23,713
• Household income: $77,921
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 628.0

Population outlook (LaSalle County) Hauer SSP2

• Today (2025): 107,080 people
• By 2030: 104,196 · -2.7%
• By 2040: 97,413 · -9.0%
• By 2050: 90,294 · -15.7%
• By 2075: 76,252 · -28.8%
• By 2100: 61,339 · -42.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 6% Portuguese 5% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · LaSalle

• 2024 margin: R (+18.5) · D 40.1% · R 58.6% · Other 1.3%
• 2008→2024 swing: -29.6pp toward R · 2008: 11.1pp · 2024: -18.5pp
• All cycles: 2024: R+18.5 2020: R+14.3 2016: R+14.4 2012: R+0.4 2008: D+11.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.46%
• Current HPI: 183.6833
• Rent YoY: —
• Metro: Ottawa, IL
• State GDP YoY: ▲ 1.59%
• F500 in state: 60

Industry mix (Fortune 500 HQ in IL)

Industry	F500 HQs	Revenue
▸Insurance	4	$201B
▸Consumer Goods	4	$87B
▸Industrial Machinery	3	$64B
▸Healthcare	2	$55B
▸Retail / Pharmacy	1	$148B
▸Agriculture / Food	1	$86B

Price history

-6.0% since first listed

3 events — show timeline

• 2026-05-14 Price Changed $234,999 MRED as Distributed by MLS Grid
• 2026-03-25 Price Changed $244,999 MRED as Distributed by MLS Grid
• 2026-02-05 Listed $250,000 MRED as Distributed by MLS Grid